AUSTRAC Registration & Enrolment

Remittance service providers and crypto exchanges must obtain AUSTRAC registration before they can commence their operations. We have put together an AUSTRAC Registration Package to help new remittance and crypto exchange business operators navigate through the registration process, and to help them obtain a basic understanding of their key obligations when running their business. The package generally includes:  

AML/CTF Program & ML/TF Risk Assessment

You should have your AML/CTF Program and the ML/TF Risk Assessment completed before applying for remittance registration or crypto exchange registration. Otherwise, your application may be rejected in the event that AUSTRAC asks for the document in the registration process.

Click here for more information on the AML/CTF Program, the ML/TF Risk Assessment and our approach for drafting.

Preparation of the AUSTRAC registration application and the collation of required documents

We can assist your team to gather the appropriate information and documents that are mandatory or required under your AML/CTF Program, to complete the registration application via the Business Profile form on the AUSTRAC website.

AML/CTF compliance induction  

We are mindful that the AML/CTF compliance requirements may be foreign and daunting to you as a business operator. For this reason, we include an AML/CTF compliance induction for your team in our registration package. This induction has been designed to provide you with the following:

• An overview of the Australian AML/CTF regulatory framework;
• The key compliance obligations you will have as a reporting entity and the consequences of failure to comply; and
• What you could do to comply with such requirements on a day-to-day basis.

We will draw on your new AML/CTF Program to help you get into a habit of actually using the document in the course of running your business.

Liaison with AUSTRAC

We can liaise with AUSTRAC with respect to your registration (and enrolment) application.

In addition, we completely understand that it can be challenging for remittance and crypto exchange businesses to establish and maintain bank accounts. We are also happy to help you communicate with your account manager at your chosen bank with respect to the AML/CTF Program and your proposed systems and controls.

To find out more about how we could potentially collaborate, simply click here to book an obligation-free virtual coffee with our founder and director Xiaoshu Liu.